FTX: SBF Says Handing Control Cost Him a Last‑Minute Rescue — Sullivan & Cromwell Lawyer Proposed Ray as CRO Two Days Before Bankruptcy

In a Mother Jones interview published October 4, former FTX CEO SBF said his principal error during the FTX bankruptcy was transferring operational control to a new management team, a move he now believes precluded last‑minute rescue options. He reported receiving a subsequent call indicating a potential external investor could have averted insolvency, but by then the transfer agreement had been executed. According to contemporaneous correspondence, two days before the Nov. 9 filing, Sullivan & Cromwell attorney Andrew Dietderich proposed appointing Ray as Chief Restructuring Officer. After Ray assumed leadership, the company filed for Chapter 11 protection on Nov. 11, 2022, and engaged Sullivan & Cromwell to provide legal counsel during the restructuring process.